Right of Redemption

In some states, mortgagors who default on their loans and lose their mortgagedproperty may recover their property by exercising a right of redemption. To exercise the right, mortgagors must pay their lenders the full amount of their unpaid debt, plus any additional default-related fees. Rights of redemption are governed by state law, which varies on whether and how long rights of redemption persist after foreclosure. SeeState Property Laws.